LandSecs selling £350m assets

LAND Securities plans to dispose of all its industrial assets, worth £350m and comprising 4% of its £8.15bn investment portfolio, to concentrate on retail, London offices and its Trillium outsourcing business.

Chief executive-designate Francis Salway said planning applications would be filed to convert offices in Knightsbridge and Southwark into flats.

The group has emerged as front runner in an estimated £110m battle to buy Greater London House, the art deco landmark building on Hampstead Road, NW1.

Owned by Resolution, JER Partners and Blackstone, it has been placed under offer at more than £100m, representing a yield of around 6.75%.

According to Property Week, other contenders include Great Portland Estates, Delancey Estates, Scarborough and CGI.

The 354,000 square feet building is let to tenants including Thomson Holidays, marketing group Young & Rubicam and publisher Emap. Franc Warwick is the selling agent on the scheme.